Open Range | Custody Centralizes, Credit Cards Commercialize, and Clarity Advances
Coinbase’s new Bitcoin-back card and pending U.S. perpetual futures put everyday spending and pro-grade derivatives under one roof. Corporate bitcoin treasuries continued their march. Yet lawmakers fired warning shots: Connecticut outlawed public-sector crypto use, Brazil slapped a flat tax on self-custodied gains, and Washington’s CLARITY Act inched forward to referee SEC-CFTC turf. Against that push-and-pull backdrop, fresh data shows 30% of circulating bitcoin now sits with just 216 entities—a reminder that the decentralization ideal is increasingly concentrated in institutional hands.
Bitcoin Update
Bitcoin rallied early in the week but retreated to the $105,000 range as global political tensions escalated. Despite the decline, its price active remained strong relative to other assets. With ongoing conflicts in the Middle East and Ukraine, coupled with increasing liquidity in the global financial system, bitcoin is continues to be well-positioned to serve as both a risk-on and risk-off asset.
Early Riders Media
Michael, Brian, and Liam discuss the latest in bitcoin adoption, adjacent technologies, counterparty risk, and volatile geopolitics on this week's podcast.
You can find all our episodes on our podcast website as well as listen on YouTube and Spotify.
Industry & Institutional Updates
Stripe agreed to acquire crypto-wallet infrastructure provider Privy for an undisclosed price, aiming to embed seamless self-custody into its payments APIs and expand its digital asset roadmap.
Coinbase unveiled the upcoming Coinbase One Card, promising up to 4 % Bitcoin back on every purchase for U.S. members through the American Express network.
Coinbase also confirmed plans to introduce CFTC-compliant perpetual futures for U.S. traders, bringing high-leverage crypto derivatives under standardized oversight.
A Fortune analysis highlighted a growing cohort of Fortune 500 companies pursuing blockchain initiatives—from BTC treasury strategies to tokenized loyalty—signaling deepening mainstream adoption.
Anthony Pompliano’s SPAC, ProCap Acquisition Corp, upsized its IPO to $220 million and debuted on Nasdaq 7% above issue, positioning the vehicle to acquire substantial Bitcoin-focused assets.
Stablecoin giant Tether purchased a 32% stake in Elemental Altus Royalties for roughly $89 million, diversifying reserves with cash-flowing gold royalty exposure alongside its BTC holdings.
Regulatory Updates
Connecticut passed HB-7082, banning state and local entities from accepting crypto payments or holding digital-asset reserves, making it one of the first U.S. states to codify such a prohibition.
The U.S. House Agriculture and Financial Services Committees advanced the bipartisan CLARITY Act, drawing clear SEC-CFTC jurisdictional lines and enshrining wallet self-custody rights.
Brazil ended prior exemptions and imposed a flat 17.5% tax on profits from self-custodied crypto, tightening oversight of assets held outside centralized exchanges.
Bo Hines, Executive Director of the President's Council of Advisers on Digital Assets, sat down to discuss deregulation and legislation around digital assets, as well as plans to codify the Strategic Bitcoin Reserve Into law.
Chart of the Week
Over 30% of bitcoin’s circulating supply is now held by just 216 centralized entities, reflecting both expanding institutional adoption and deepening custodial centralization. Check out Gemini and Glassnode's full report here.
